Fast Growth Companies Avoid the “Traps”
According to the September, 2012 issue of Inc. Magazine, as summer comes to an end many companies are starting to feel the economy heat up. This particular issue of the magazine features the annual list of the magazine’s “500 Fastest Growing Private Companies” and is chock-full of good articles and helpful advice from entrepreneurs across America that have their businesses firing on all cylinders.
One such article is “Speed Traps: Managing Fast Growth”. While we can’t provide you the entire excellent article because of copyright issues, we can share six of the “speed traps” author Kimberly Weisul writes about. Her main source was Gary Kunkle, economist and research fellow at the Edward Lowe Foundation’s Institute for Exceptional Growth Companies. He studied 4,000 fast growth companies and six of the challenges the most successful business owners were able to overcome as detailed in the Inc. article are:
- Your business outgrows its staff.
- You wait too long to hire.
- Your business lacks the right systems.
- Your run out of money.
- You can’t keep up with demand.
- Your companies growth rate exceeds your personal growth rate.
Experience has taught us that “we can’t see the forest for the trees”, meaning that entrepreneurs need other sets of eyes watching their businesses and they need to have open ears and minds to help them identify the times when they’re approaching the speed traps listed above, as well as many others not mentioned. Fellow entrepreneurs are a great source of insight, as are trusted advisors ( attorney, accountant, Regents Bank Relationship Manager and trusted employees ).
You can find the complete article on page 53 of the current issue of Inc. Magazine (They also have a website with many helpful resources for businesses at www.inc.com). Regents Bank has no financial relationship with Inc., so we’re not plugging the article for a percentage of the $5.99 cover price. But we do have relationships with many businesses in our community and we want you to avoid “speed traps” and help you accelerate onto lists like the Inc. 500.
Regents Bank has offices in La Jolla, San Diego, Carlsbad and El Cajon, CA. We also have an office in Vancouver, WA. We are a community bank specializing in helping businesses grow. For more information on Regents Bank visit our website at www.regentsbank.com.
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